Central Banks in the Age of the Euro

Europeanization, Convergence, and Power

Edited by Kenneth Dyson and Martin Marcussen

First in-depth and systematic political analysis of central banks in the first decade of the euro

Brings together a distinguished range of specialists from around the world

Central Banks in the Age of the Euro

Europeanization, Convergence, and Power

Edited by Kenneth Dyson and Martin Marcussen

Description

Both studies of political power and Europeanization studies have tended to neglect central banks. As the age of the euro reaches its 10th anniversary, it is timely to reflect on what it means for central banks, which have been at the forefront of the establishment of Economic and Monetary Union in the European Union. Central banks have been caught up in a major historic political project. What does it mean for them? What does the age of the euro tell us about the power of central banks, their Europeanization and whether they are coming to resemble each other more closely?

This book brings together a range of recognized academic specialists to examine the main political aspects of this question. How, and in what ways, has the euro Europeanized central banks (members and non-members of the Euro Area)? What have been its effects on the power of central banks and their use of power? Has the euro generated convergence or divergence in central banking? The book offers the first, in-depth and systematic political analysis of central banks in the first decade of the euro. It places the euro in its global and European contexts, including the US Fed and the Australasian central banks, patterns of differentiated integration in European central banking, and the European Central Bank. It offers a set of case studies of its effects on a representative sample of EU central banks (euro 'insiders' and 'outsiders') and looks at four main thematic areas (monetary policy, financial market supervision, accountability and transparency, and research).

The book contributes to Europeanization studies, comparative political economy, and studies of Economic and Monetary Union. It will be of major interest to students of the European Union and European integration, comparative European politics, and area and 'country' studies. More generally, it will interest all those interested in central banking and their pivotal and problematic position between politics and markets.

Central Banks in the Age of the Euro

Europeanization, Convergence, and Power

Edited by Kenneth Dyson and Martin Marcussen

Table of Contents

1. The Age of the Euro: A Structural Break? Europeanization, Power and Convergence in Central Banking, Kenneth DysonPart I: The Changing Context of Central Banking 2. 2. Differentiation in the European System of Central Banks: Circles, Core, and Directoire 2. Differentiation in the European System of Central Banks: Circles, Core, and Directoire, Gaby Umbach and Wolfgang Wessels3. The European Central Bank: The Bank That Rules Europe?, David HowarthPart II: Eurosystem 'Insider' Central Banks 4. National Banks of Belgium and of the Netherlands: Gaining Power, Ivo Maes and Amy Verdun5. Bank of France: The Challenge of Escaping Politicization, David Howarth6. German Bundesbank: Europeanization and the Paradoxes of Power, Kenneth Dyson7. Bank of Greece: Latecomer, Uphill Adjustment, George Pagoulatos8. Bank of Italy: Between Europeanization and Globalization, Lucia QuagliaPart III: 'Temporary' Outsiders: Pace Setters and Laggards 9. Estonia, Hungary and Slovenia: Banking on Identity, Bela Greskovits10. 10. Czech Republic and Poland: The Limits of Europeanization, Rachel Epstein and Juliet JohnsonPart IV: 'Semi-Permanent' Outsiders 11. Bank of England: Learning to Live with the Euro, Charles Goodhart12. Denmark and Sweden: Networking by Euro-Outsiders, Martin MarcussenPart V: Lessons from Non-European Central Banks 13. The Political Economy of Central Bank Credibility and Legitimacy in Australia and New Zealand, Chris Eichbaum14. The US Federal Reserve and the Politics of Monetary and Financial Regulatory Policies, John WoolleyPart VI: Convergence and Divergence 15. Financial Supervision: Internationalization, Europeanization and Power, Michael Moran and Huw Macartney16. Monetary Policy Strategies, Iain Begg17. 'Scientization' of Central Banking: The Politics of A-Politicization, Martin Marcussen18. Transparency and Accountability, Nicolas Jabko

Central Banks in the Age of the Euro

Europeanization, Convergence, and Power

Edited by Kenneth Dyson and Martin Marcussen

Author Information

Professor Kenneth Dyson is Research Professor in European Politics in the School of European Studies, Cardiff University, Wales. He is a Fellow of the British Academy; an Academician of the Learned Societies of the Social Sciences; and a Fellow of the Royal Historical Society. He was awarded the German Federal Service Cross (first class) and is co-editor of the journal German Politics.

Martin Marcussen is Associate Professor of Politics at Copenhagen University.

Contributors:

Iain Begg, London School of Economics and Political Science Kenneth Dyson, Cardiff University, Wales Chris Eichbaum, Victoria University of Wellington New Zealand Rachel A. Epstein, University of Denver Charles Goodhart, CBE, FBA, London School of Economics Bela Greskovits, Central European University, Budapest David Howarth, University of Edinburgh Nicolas Jabko, Centre d'Etudes et de Recherches Internationales (CERI) of SciencesPo in Paris Juliet Johnson, McGill University Huw Macartney, Nottingham University Ivo Maes, Université Catholique de Louvain Martin Marcussen, University of Copenhagen Michael Moran, Manchester University George Pagoulatos, Athens University of Economics and Business Lucia Quaglia, Sussex University Gaby Umbach, University of Cologne Amy Verdun, University of Victoria, Canada Wolfgang Wessels, University of Cologne John T. Woolley, University of California, Santa Barbara